conclusion of demand forecasting in economics
Answers
Answer:
Conclusion: Proper demand forecasting enables better planning and utilization of resources for business to be competitive. Forecasting is an integral part of demand management since it provides an estimate of the future demand and the basis for planning and making sound business decisions.
Explanation:
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Answer:
Demand forecasting in economics
Explanation:
Demand forecasting helps businesses make informed decisions that affect everything from inventory planning to supply chain optimization. With customer expectations changing faster than ever, businesses need a method to forecast demand accurately.
Demand forecasting is the process of using predictive analysis of historical data to estimate and predict customers’ future demand for a product or service. Demand forecasting helps the business make better-informed supply decisions that estimate the total sales and revenue for a future period of time.
Demand forecasting allows businesses to optimize inventory by predicting future sales. By analyzing historical sales data, demand managers can make informed business decisions about everything from inventory planning and warehousing needs to running flash sales and meeting customer expectations.
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